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Revenue
 6 Months Ended
Jun. 30, 2024
Revenue [Abstract]  
Revenue
3.Revenue

 

As of July 27, 2023, FCG was deconsolidated and accounted for as an equity method investment in the Company’s unaudited condensed consolidated financial statements. The unaudited condensed consolidated statements of operations and comprehensive income (loss) therefore does not include activity related to FCG after deconsolidation during the six months ended June 30, 2024, and includes six months of activity related to FCG prior to deconsolidation during the six months ended June 30, 2023. Prior to deconsolidation, FCG’s operations generated a majority of the Company’s consolidated revenue and contract asset and liability balances. See total revenues of Falcon’s Creative Group, LLC under Note 4 – Investments and advances to equity method investments.

 

Disaggregated components of revenue for the Company for the three and six months ended June 30, 2024 and 2023, respectively, are as follows:

 

   For the three months ended
June 30		   For the six months ended
June 30		 
   2024   2023   2024   2023 
Services transferred over time:                
Design and project management services  $
—
   $3,568   $
—
   $9,484 
Media production services   
—
    1,505    
—
    1,578 
Attraction hardware and turnkey sales   
—
    139    
—
    2,013 
Other   1,798    110    3,314    110 
Total revenue from services transferred over time  $1,798   $5,322   $3,314   $13,185 
Services transferred at a point in time:                    
Digital media licenses  $
—
   $
—
   $
—
   $1,331 
Total revenue from services transferred at a point in time  $
—
   $
—
   $
—
   $1.331 
Total revenue  $1,798   $5,322   $3,314   $14,516 

 

In March 2023, the Company licensed the right to use Ride Media Content to Sierra Parima. See Note 7– Related party transactions for further discussion. After the deconsolidation of FCG, the Company recognizes related party revenue for corporate shared service support provided to FCG. Total related party revenues from services provided to our equity method investments were $1.8 million and $0.7 million for the three months ended June 30, 2024 and 2023, respectively and $3.3 million and $4.2 million for the six months ended June 30, 2024 and 2023, respectively. Of the total related party revenues from services provided to our equity method investments, the Company recognized $3.2 million and $1.7 million revenue related to services provided to FCG for the three and six months ended June 30, 2024, respectively.

 

The following table presents the components of Accounts receivable, net:

 

   As of 
   June 30,
2024		   December 31,
2023		 
Related party  $34   $632 
Other   
—
    64 
Total  $34   $696 

 

Revenue recognized for the six months ended June 30, 2023 that was included in the contract liability balance as of December 31, 2022 was $1.2 million. This revenue was related to FCG, and therefore there was no revenue recognized for the six months ended June 30, 2024 that was included in the contract liability balance as of December 31, 2023 after FCG deconsolidation.

 

Geographic information

 

The Company has contracts with customers located in the United States, Caribbean, Saudi Arabia, Hong Kong, and Spain. The following table presents revenues based on the geographic location of the Company’s customer contracts:

 

   For the three months ended
June 30		   For the six months ended
June 30		 
   2024   2023   2024   2023 
Saudi Arabia  $
—
   $4,540   $
—
   $10,161 
Caribbean   
—
    246    
—
    3,603 
USA   1,697    42    3,215    116 
Hong Kong   
—
    393    
—
    519 
Other   101    101    99    117 
Total revenue  $1,798   $5,322   $3,314   $14,516 

 

Destinations Operations

 

The Company had $0.1 million Destinations Operations revenue during the three and six months ended June 30, 2024. Destinations Operations revenue was $0.3 million for the three and six months ended June 30, 2023, respectively.